Northwestern Mutual Steps Up Its VC Game With Second Fund

Northwestern Mutual is ready to invest in more startups by launching a second venture capital fund.

Northwestern Mutual Future Ventures Fund II is the extension of its main corporate VC fund that it launched in 2017. It will have $150 million in its war chest and will focus on startups “whose technologies have the potential to further transform how people experience and achieve financial security.”

NFVFII will contribute between $500,000 to $5 million to selected startups, participating in their Series A or B funding rounds, according to the company.

“We’re committed to transforming the client experience to drive change within the financial services industry,” said Souheil Badran, executive vice president and chief innovation officer, in a statement. “This additional capital will allow us to build on the success of Northwestern Mutual Future Ventures and invest in new technologies that have the ability to accelerate growth and advance innovation so we can create what’s next for our clients, financial representatives and employees.”

NFVFII will base partnerships around four strategic investing criteria: building for consumers’ changing financial desires, changing the client experience, digital health, and analytics and technologies.

Northwestern Mutual has built a track record of helping fintech startups succeed. Since it launched its first VC fund two years ago, it invested in 14 startups and payed out $43 million in capital. Its most successful launches to date include Chime, Ladder, Betterment and Rize.

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